Grace period doesn’t prevent insurers from rejecting a claim
Some insurers send SMS or email reminders, but it is the policyholder’s responsibility to ensure that an overdue premium is paid.
Industry News
Ombud Council to focus on making financial consumers more aware of their right to redress
The Council will use complaints data to spot systemic risks and harmonise complaint-handling across all financial ombuds, its five-year strategic plan shows.
Medical expenses | Court grants leave to appeal in member’s dispute with RAF
The outcome of Discovery Health’s appeal before the SCA will affect the outcome of the member’s claim for R1.4 million.
Fund loses bid to remove limit on interest on arrear contributions
The Full Bench affirms that interest under the Pension Funds Act is capped by the common law in duplum rule.
Bitcoin adoption: increasingly part of my investment portfolio
Net cumulative purchases via pure Bitcoin ETFs have surged 2.5-fold since mid-March. This influx underscores growing institutional conviction in Bitcoin as a core portfolio allocation.
Ithala resumes operations – but still can’t take deposits
Ithala has been cleared to resume core operations – excluding deposit-taking – while legal battles over its liquidation and frozen R2.47bn in deposits continue.
Bundled credit insurance ruled unlawful for consumers who can’t claim
Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
Old Mutual’s new CEO will bring decades of financial sector experience to the role
Jurie Strydom, whose résumé includes leadership roles at Sanlam and Regent Insurance, will work alongside outgoing CEO Iain Williamson.
Equity targets spark fears of ‘unjust’ penalties for employers
The DA’s court challenge to the Employment Equity Amendment Act highlights not only constitutional questions but also the risk that inflexible sectoral targets and under-resourced bureaucracy will penalise even deserving employers.
Three-quarters of withdrawals in the new tax year are repeat claims
Many fund members are tapping into their savings components as soon as the tax window opens, data from the Actuarial Society indicates.
High Court orders Ramaphosa to disclose NHI signing record
The President must produce the full record of his decision-making when assenting to the NHI Bill after the court rejected arguments that such records fall outside judicial review.
Bank held liable for R2.1 million paid to fraudulent ‘executor’
A High Court ruling notes procedural failures at Standard Bank’s deceased estates department – highlighting that banks must verify and act only on valid letters of executorship.
FSCA investigating banks’ transaction fees
The Authority has found wide discrepancies in charges for similar services across banks, says Godongwana.
Dual‐citizenship ban ruled unconstitutional after 30 years
The Constitutional Court declares invalid the section of the South African Citizenship Act that automatically revoked citizenship upon acquisition of another nationality.
‘Little appetite’ for shift from asset-based charges and commission
The Adviser Barometer, based on the responses of nearly 600 financial advisers on the Allan Gray platform, sheds light on what’s driving fee structures, technology investments and client-engagement strategies in South Africa’s advice industry.
High Court slams SARB over R200m block on Steinhoff successor’s funds
Judge finds the Reserve Bank acted without evidence or legal basis in freezing funds Ibex needed to repay offshore creditors.
R2bn Ithala guarantee sparks row over fiscal risk to KZN
The Minister of Finance’s bailout plan for Ithala’s retail depositors has drawn sharp criticism from KZN’s Finance MEC Francois Rodgers, who warns the deal’s fine print could leave the province footing a hefty bill.
